Leasing vacant space created through developments‚
refurbishments or from the departure of old tenants is a
critical Group competence. In the last year‚ an exceptional
performance delivered £25.0 million of new leases (our share
£19.8 million)‚ up 155% from the previous year and representing
over 26% of the rent roll of the portfolio at the start of the year.

Of particular success has been letting of completed development
schemes where our leasing teams have worked well with external
agents to bring top quality tenants into new homes. At 60 Great
Portland Street‚ W1 and 160 Tooley Street‚ SE1 we pre-let all
the office space prior to the completion of the construction phase
to derisk the development projects. Within a year of launching
the nearly completed 180 Great Portland Street‚ W1 we had
completed the office lettings at rental levels substantially higher
than at the commencement of the campaign.

Strong rental growth

The leasing approach at 180 Great
Portland Street was designed to drive
rents up as the building was occupied
and to attract a diverse group of well
established‚ quality tenants.